U.S. contractor McDermott International is hoping to emerge on a solid financial footing after filing for a prepackaged bankruptcy protection under Chapter 11 on Tuesday. The company has had recent success with BP in Senegal and Total in Mozambique and is currently bidding on several projects off Angola and Nigeria. However, it has been reeling under increasingly unbearable debt since it combined its offshore engineering and construction business with Chicago Bridge & Iron in 2018.
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